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Strategies & Market Trends : DAYTRADING Fundamentals
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To: TraderAlan who wrote (6211)12/27/1999 7:30:00 PM
From: Dan Clark  Read Replies (1) of 18137
 
Alan,

You said, "...obvious magnet/spring...". By "obvious", I assume that you mean an S/R point that is relatively close to a major Fibo retracement point. Yes?

For example, lets say that a stock moves quickly from congestion at 90 to a peak at 100. Let's say that it retraces back to the 38.2% retracement line, which would be approx 96 1/8 (approx .38 * (100-90)). Let's suppose the 50day EMA is at 96 1/2. Therefor, the "...obvious magnet/spring..." would be the 50day EMA at 96 1/2 because it is close to the 38.2% retracement line. Yes? No?

Regards,

Dan.
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